New York state regulators are probing the governance structure of Peninsula Hospital in Queens after it was bailed out with $27 million from Revival Acquisition Group, according to a Crain’s New York report.
The hospital’s board accepted Revival’s bailout Sept. 1. State officials considered it an investment rather than a change of control requiring government scrutiny, although the deal still gave Revival oversight of the hospital’s management, according to the report.
A prior Crain’s New York report questioning the arrangement has prompted officials from the New York Department of Health to review whether Revival has taken control of the hospital instead of merely investing in it.
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